Balderton Capital Research
Investment Thesis
Balderton Capital is Europe's leading venture capital firm exclusively focused on backing European-founded tech companies. Founded in 2000 with 25+ years of successful investing history, Balderton believes that "the best way to change the world is to build a business." The firm combines patient capital with operational expertise and founder support, working in partnership with visionary entrepreneurs to build transformative technology companies.
Sector Focus
Balderton Capital maintains a sector-agnostic approach but has demonstrated particular strength across multiple verticals:
Financial Services and Fintech:
- Payment infrastructure (GoCardless - acquired by Mollie in 2025)
- Digital banking and financial platforms (Revolut - 2050x return on $1.5M seed)
- Lending and credit platforms (Lendable, Zopa)
- Investment and wealth management (Nutmeg - acquired by JPMorgan, Scalable Capital)
- Money transfer and financial inclusion (Taptap Send, Cino)
Enterprise Software and Developer Tools:
- API-first infrastructure (Contentful)
- Cloud infrastructure and integrations (Kong)
- Data platforms (Talend - IPO 2016, Kili Technology, Tinybird)
- Observability and monitoring (Checkly, Opbeat)
- DevSecOps and security (GitGuardian, ComplyAdvantage)
Autonomous Vehicles and Mobility:
- Full-stack autonomous driving (Wayve - Series A 2019)
- Electric mobility (VOI - e-scooter sharing)
- Connected car technology (Axitech)
- Car marketplaces (Carwow, Frontier Car Group)
Gaming and Entertainment:
- Casual gaming (Dream Games - exited to CVC 2025, Big Fish Games, Wooga)
- Puzzle gaming (Agave Games)
- Game development platforms (Mojiworks)
- Content and music (Kobalt - acquired by Francisco Partners)
Healthcare and Biotech:
- Digital therapeutics (Kaia Health, Healx)
- Medical technology (Digital Surgery - acquired by Medtronic)
- Precision medicine (Uncommon, Sophia Genetics - IPO 2021)
- Healthcare platforms (Avi Medical, 32Co)
Deep Tech and Climate:
- Fusion energy (Proxima Fusion - Series A 2025)
- Clean energy solutions (Fuse Energy, Tibber, trawa)
- Sustainable food and agriculture (Better Origin, Infarm)
- Robotics (Furhat Robotics)
Consumer and E-commerce:
- Fashion marketplaces (Vestiaire Collective, Depop - acquired by Etsy)
- Food and beverage (Lovecrafts)
- Marketplace platforms (Tictail - acquired by Shopify)
- Social shopping (Depop, Vestiaire)
SaaS and Productivity:
- AI-native platforms (Supernormal, Writer, Convergence - acquired by Salesforce)
- HR tech (Workable, Peakon - acquired by Workday)
- Spend management (Yokoy - acquired by TravelPerk, Payflows)
- Legal tech (Lawhive)
Stage Focus
Balderton Capital invests across multiple stages:
- Seed: Primary focus with significant early-stage portfolio
- Series A: Major focus with numerous investments
- Series B: Selective follow-on and growth investments
- Series C and later: Opportunistic follow-ons for successful companies
The firm has raised dedicated growth fund ($680M in 2021) and maintains a separate early-stage vehicle with $600M, giving them flexibility across stages.
Check Size and Fund Scale
Based on portfolio analysis and recent fundraising:
- Total AUM: $5+ billion (as of 2024)
- Recent fundraise (2024): $1.3B (largest European VC raise at the time)
- Fund composition: Dedicated Growth fund ($680M) and Early Stage fund ($600M)
- Estimated check sizes:
- Seed: $500K-$3M
- Series A: $2M-$8M
- Series B+: $5M-$15M+
Lead Tendency
Balderton Capital primarily leads rounds, particularly in early-stage investments. They take board seats and active roles in portfolio companies. With 506 investments tracked and significant follow-on investment track record, they balance leading new investments with supporting existing portfolio companies.
Recent Activity
Balderton Capital remains exceptionally active with recent highlights (2025-2026):
- January 2026: Led Stream Series D $90M (workplace finance platform)
- December 2025: Invested in Fuse Energy (clean energy)
- November 2025: Multiple portfolio company achievements
- 2025: Four major exits (Dream Games to CVC, GoCardless to Mollie, Cobee, Lovecrafts, Numeral)
- 2025: Multiple Series C rounds (Exein, Quantum Systems)
- Fund Status: Actively deploying across both early-stage and growth funds
Portfolio Highlights
Unicorns (500M+ valuations):
- Revolut (fintech banking)
- Wayve (autonomous driving)
- Contentful (API-first infrastructure)
Public Exits (IPOs):
- Darktrace (Cyber AI, LSE 2021)
- Betfair (Online betting, LSE 2010)
- Sophia Genetics (Precision medicine, NASDAQ 2021)
- Truecaller (Caller ID, Nasdaq Stockholm 2021)
- Flywire (Payments, NASDAQ 2021)
- Talend (Data integration, NASDAQ 2016)
- Yoox Group (Fashion retail, 2009)
- THG/The Hut Group (Beauty/Health, LSE 2020)
Recent Acquisitions (2024-2025):
- GoCardless → Mollie (2025)
- Dream Games → CVC (2025)
- Convergence → Salesforce (2025)
- Forecast → Accelo (2025)
- Multiple portfolio exits
Current Notable Portfolio (506 companies):
- Revolut, Wayve, Contentful, Darktrace, PhotoRoom, The Exploration Company, Stream, Wayve, Quantum Systems, Kong, Checkly, and 495+ others
Team
Balderton Capital operates with a partnership-led structure backed by specialist support teams:
Partners (7 total):
- Bernard Liautaud (Managing Partner)
- Rob Moffat (Partner)
- Daniel Waterhouse (Partner)
- James Wise (Partner)
- Suranga Chandratillake (Partner)
- Rana Yared (Partner)
Principals and Investment Team:
- Multiple Principals (Shikha Ahluwalia, Greta Anderson, Solène Brébant, Laura McGinnis, Elena Moneta, Claudia Rowe, Sivesh Sukumar)
- Investment Analysts
- Executive in Residence team (Dave Kellogg, Thor Mitchell, Dan Teodosiu, Andrew Wigfall)
Portfolio Services and Operations:
- Chief of Staff (Emma Kerr)
- CFO and Head of Portfolio Finance (Fiona Blakemore)
- Chief Portfolio Talent Officer (Leah Sutton)
- Head of Product (Keshvi Radia)
- Chief Marketing and Communications Officer (Rachel Bremer)
- Legal team (Danny Bloom, Lindsey Armstrong, Bryce McCullagh, Maeve O'Hare)
- Head of Compliance (Adam Critchley)
- Investor Relations (Annabel Guthe)
Decision Process
Balderton operates through:
- Partner-led investment committees
- Sector specialist review
- Board-level governance
- Estimated decision timeline: 2-4 weeks
- Equal partnership model ensures founder-friendly investment processes
Geographic Focus
Primary Market: Europe (100% European-founded company focus)
- UK (London primary hub) - 150+ portfolio companies
- Continental Europe (France, Germany, Netherlands, Nordics, etc.) - 300+ companies
- Strong presence in tech hubs: London, Berlin, Paris, Stockholm
Secondary Markets:
- Selective US investments for European-founded companies with US operations
- Some portfolio companies operate globally
Founder Preferences
Balderton Capital seeks:
- European-founded technology entrepreneurs
- Visionary founders building transformative companies
- Teams with operational excellence and execution capability
- Founders committed to founder wellbeing and work-life balance
- Diverse founding teams and inclusive companies
Distinctive Characteristics
- Founder Wellbeing Focus: Comprehensive wellness program supporting founder mental health
- Portfolio Services: Dedicated teams in talent, marketing, finance, legal, and ESG
- Equal Partnership Model: Democratic partner structure favoring founder-friendly terms
- Geographic Focus: 100% European-founded company focus provides specialized expertise
- Track Record: 25+ years with exceptional exit outcomes (IPOs, unicorns, strategic acquisitions)
- Scale: $5B+ AUM with ability to lead large rounds
- Sustainability: Active ESG and sustainability initiatives across portfolio
Recent Performance (2024-2026)
Balderton remains exceptionally active:
- 506 total portfolio companies
- Multiple unicorns and high-growth successes
- 4+ major exits in 2025
- Large growth fund deployment ($680M fund)
- Strong portfolio company performance and momentum
- Expanded international team and LP base
Balderton Capital is Europe's most successful and well-established venture capital firm, combining world-class execution with founder-centric investing philosophy.